What Your CPA Wants You to Know: Recent Episodes
Carson Sands, CPA & Teran Sands, MBA.
A podcast for entrepreneurs, but NOT your typical business podcast. We are a husband and wife team and we own and run our CPA firm together. We know just how difficult it can be to take your business dream to a reality. Our mission for this podcast is to guide, empower, and educate entrepreneurs in a relatable and easy-to-understand way! We will also show you how to run a business while keeping your family and sanity intact.We want business owners to have the information that they need when they need it, AND without the Hefty accounting invoices from a CPA. Follow along for practical advice, tips, and tricks from a CPA who knows what it is like to run a business, and strategies to keep your business growing from an MBA!What are you waiting for??? This is the first step to making your dream a reality!
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We share the exact year-end checklist we use with clients to cut tax surprises, choose smart purchases, and get January filings done without the scramble. Clean books, a clear tax projection, and a few organized documents can change your entire spring.
• finishing bookkeeping and reconciling accounts
• running a tax projection to estimate what you owe
• timing major purchases before 31 December
• preparing contractor W9s and 1099 data
• listing assets over $2,500 and financing details
• tracking business mileage on personal vehicles
• gathering loan documents and interest totals
• filing early to get more CPA attention
We created a monthly accounting program where you hop on a one-hour call with us every month to tackle bookkeeping, tax planning, business decisions, basically anything you need. We have all the fine details in episodes 101 and 102 of this podcast if you want to check it out, or just email us at Carson@sandsco.net
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We share the CPA betrayal list: the habits that raise your bill, drag your return past deadlines, and create tax shocks. Practical fixes help you file on time, clean up your books, and save cash for taxes without the last-minute panic.
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We unpack how gambling wins turn into taxable income even when you net a loss, why Oklahoma’s rules are especially harsh, and how marketplace health credits can trigger surprise paybacks. We close with a Texas update on tax-related credits for nonpublic education.
Email us at Carson@sandsco.net
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We share ten year-end tax moves that actually save money when done before December 31, from bonus depreciation and retirement setup to the Augusta rule, income timing, and a no-drama plan to clean up your books. The focus stays on practical steps, clear timing, and spending only where it helps growth.
• sending client gifts within deductibility limits to strengthen loyalty
• timing equipment and vehicle purchases for 100 percent bonus depreciation
• using year-end bonuses with clear metrics and expectations
• setting up employer retirement plans before year-end even if funding later
• applying the Augusta rule for tax-free home rental to your business
• deferring income by timing invoices for cash-basis taxpayers
• making charitable gifts or using donor-advised funds for flexibility
• capturing mileage and home office deductions with clean records
• cleaning and reconciling books to avoid duplicate income
• scheduling a tax projection to choose the best moves now
Our clients love this plan. It's perfect if you're doing your own books, but want an expert watching over your shoulder and training you on everything you need to do. We have all the fine details in episodes 101 and 102 of this podcast if you want to check it out, or just email us at Carson at Sansco.net.
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We break down how high earners can legally fund a Roth IRA using the backdoor method, why it matters for business owners with variable income, and where people go wrong. We share the exact steps, the pro rata trap, and the one IRS form you must not miss.
• difference between Roth and traditional IRA and why Roth can be better for many
• who needs a backdoor Roth due to income thresholds and phaseouts
• step-by-step process to contribute and convert quickly
• role of advisors and importance of coordinating with a CPA
• risks of direct Roth contributions when over the limit
• business owner income swings and AGI versus take-home pay
• the pro rata rule if you hold pre-tax IRA balances
• filing Form 8606 to track non-deductible basis and conversions
• the value of proactive planning before year-end
We created a monthly accounting program where you hop on a one-hour call with us every month to tackle bookkeeping, tax planning, business decisions, basically anything you need… or just email us at carson@sandsco.net
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As two accountants, we are always critiquing businesses and seeing what their books look like. We do this even while on vacation. So, today we bring you our thoughts and how you can apply those to your business to drive PROFIT!
• designing operations from the customer’s point of view
• spotting bottlenecks in off-peak demand
• capturing high-margin moments at the bar
• simplifying menus for speed and throughput
• stocking convenience retail that actually sells
• low-cost experience wins that drive reviews
• hiring, leases and expansion viewed through ROI
• linking joy, simplicity and profit in daily decisions
We created a monthly accounting program where you hop on a one-hour call with us every month to tackle bookkeeping, tax planning, business decisions, basically anything you need. The best part of this is it's at a reduced hourly rate... email us at carson@sandsco.net
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We walk through our sequence for retirement contributions! Here's how we invest our money as accountants!
• Start with any employer matching funds available - it's free money and an immediate 100% return
• Max out a Roth IRA if eligible ($7,000 limit for 2025, $8,000 if over 50)
• Aim to save 15% of income for retirement (12-20% range is generally recommended)
• Business owners should consider a Solo 401(k) rather than SEP IRA when operating as an S-corp
• Solo 401(k)s allow both employee contributions (up to $23-24k) and employer contributions (25% of salary)
• Once all tax-advantaged accounts are maxed, use a taxable brokerage account for additional savings
• Coordinate retirement planning between your CPA and financial advisor, especially when changing salary levels
Email us at carson@sansconcierge.net for accounting help or to schedule a monthly accounting call where we can help with bookkeeping, tax planning, and business decisions.
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The big, beautiful tax bill brings welcome news for taxpayers with lower tax brackets being preserved, an increased standard deduction, and a higher child tax credit of $2,500 per child. Seniors will especially benefit from an additional $6,000 deduction per person regardless of whether they itemize or take the standard deduction.
• Lower tax brackets from the Tax Cut and Jobs Act will remain in place
• Standard deduction stays at $15,750 for single filers and $31,500 for married couples
• Child tax credit increased from $2,000 to $2,500 per child through 2028
• Seniors get an extra $6,000 deduction per person ($12,000 for married couples)
• Tips now excluded from income tax up to $25,000 annually
• Overtime is taxed only at your regular hourly rate, not at the higher overtime rate
• Auto loan interest deductible up to $10,000 for vehicles finished in the USA
• SALT deduction cap increased from $10,000 to $40,000 through 2029
• 100% bonus depreciation returns starting January 19, 2025, through 2028
• 1099 reporting threshold increased from $600 to $2,000 beginning in 2026
• Income limitations apply to many benefits: $150K for singles, $300K for married couples
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Ever been shocked by a massive tax bill in April? Let's not let that happen again! For business owners, freelancers, and anyone with significant non-W2 income, estimated tax payments necessary.
The IRS rules have changed in recent years. While the IRS used to charge around 3% for missing these payments, that penalty has increased. Now more than ever it is important to make your estimated tax payments!
The good news is that navigating estimated tax payments is manageable with the right approach. In this episode we walk you through how to make estimated tax payments and answer all the common questions we receive about them.
Take control of your tax situation by planning ahead. Your future self will thank you! Share this with a friend who complains every April about owing too much – you might just save them from the next tax-time panic!
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Transitioning from W-2 employment to receiving 1099 income fundamentally changes your tax situation and officially makes you a business owner, even if you're doing the same work as before.
• Self-employment tax means paying both the employer and employee portions of Social Security and Medicare (15.3%) on top of income tax
• Business expenses can be deducted against your 1099 income, reducing your taxable income significantly
• Opening a separate business bank account is crucial for tracking income and expenses correctly
• You can simply transfer money from your business account to your personal account as needed
• Estimated quarterly tax payments are required to avoid penalties from the IRS
• Consider setting aside 25-40% of income for taxes depending on your tax bracket
• Health insurance and retirement planning now fall entirely on your shoulders
• Once netting over $50,000 in profit, consider forming an LLC and electing S-Corporation status
• S-Corps require more complex paperwork but can save significant money in self-employment taxes
• Higher-earning contractors should work with a CPA rather than trying to handle everything themselves
Check out our guides for new businesses and S-Corp owners in the show notes if you need step-by-step assistance navigating your new tax situation.
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The Social Security Fairness Act eliminates the unfair Windfall Elimination Provision that prevented public service workers from receiving their full Social Security benefits despite paying into the system.
• Nearly 2 million Americans including teachers, firefighters, and public sector employees can now receive previously reduced or denied benefits
• Workers who already receive some benefits will automatically see increases of $300-$700 monthly
• Those previously denied benefits entirely could receive around $1,500 monthly
• Eligible recipients can file for retroactive benefits back to January 2024 using form SSA-561
• Apply online at ssa.gov if you've never received benefits or were previously denied
• Spousal or survivor benefits may require in-person or mail application
• Consult your tax professional about handling lump sum and retroactive payments
• Even if previously denied, public service workers should reapply under the new law
Please share this episode with anyone who works in public service or has family members who might benefit from these important changes to Social Security benefits.
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Dr. Amanda Thompson shares her experience with the monthly accounting membership program and how it has transformed her business finance management from chaotic Excel spreadsheets to organized QuickBooks mastery.
• Starting a business without business education background creates financial management challenges
• Excel spreadsheets work initially but become problematic as businesses grow
• Computer crashes can destroy financial records when not properly backed up
• QuickBooks provides powerful tools but requires guidance to use effectively
• Monthly accounting meetings create accountability for regular bookkeeping
• Regular reconciliation prevents year-end accounting nightmares
• Professional help managing issues like bank fraud can prevent accounting disasters
• Clean books throughout the year make tax season significantly less stressful
• Monthly accounting program often saves businesses more money than it costs
• Confidence in financial management allows business owners to focus on their expertise
• Tax projections help business owners prepare properly for quarterly estimated payments
• Type A business owners benefit from structured financial management systems
Want to grab one of our monthly spots? EMAIL us @ carson@sandsco.net
You can also book a discovery call with us HERE to see if it's a good fit for you!
Check out Rooted Physical Therapy at rootedphysicaltherapyllc.com or find Dr. Amanda on Instagram!
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We created our monthly accounting plan to solve the recurring problem of clients coming to us at tax time with messy books and missing tax-saving opportunities, and after nine months with our beta group, we're sharing how it's working and opening up a few more spots.
• Our monthly accounting plan provides accountability and real-time bookkeeping support, like having a personal trainer for your finances
• Works better than self-doing, external bookkeepers, or costly internal accountants who often create more problems
• Includes monthly one-hour calls at reduced rates with private booking link and priority access
• Tax returns completed by January with no extensions needed because books are maintained throughout the year
• Free tax projections eliminate surprises at tax time
• Covers QuickBooks training, reconciliations, tax strategy, retirement planning, and business decisions
• Costs $225/month with no contracts and consistently saves clients more in taxes than they pay for the service
• Email reminders on the first of each month highlight important deadlines and considerations
If you're interested in one of our limited spots, you can email us directly at carson@sandco.net
You can also book a discovery call with us to address any questions you have on the monthly accounting plan HERE
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We celebrate our 100th episode by giving listeners a behind-the-scenes look at our podcast journey, from inception to production challenges to our biggest wins.
• Started the podcast in January 2023 to help people we couldn't take on as clients
• Purchased a podcast course for $150 which provided crucial guidance on equipment, hosting, and editing
• Recording during tax season was challenging but strategic, as downloads are highest in the first half of the year
• Initially scripted episodes but became more comfortable with time, though still prepare notes for specific tax regulations
• Hired an editor (Kevin) which made continuing the podcast possible
• Our top three episodes: QuickBooks, paying kids from your business, and common startup mistakes
• Biggest wins include the personal finance series and S Corp series, which have helped listeners save thousands in taxes
• Moving to a bi-weekly schedule to make production more manageable
• Planning a second, more personal podcast focused on family life
Thanks for helping us reach 100 episodes! We'll continue providing tax and accounting wisdom every other week, focusing on the latest tax code changes and business strategies to help you save money.
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The Augusta Rule offers a legal way to transfer money from your business to yourself tax-free by renting your home to your business for up to 14 days per year. This often-overlooked tax strategy allows business owners to deduct the rental expense from their business while receiving tax-free personal income.
• Rent your personal residence to your business for up to 14 days annually without paying personal tax on that income
• Your business can deduct the rental payment as a legitimate business expense
• Determine fair market rent by researching comparable event spaces in your area
• Create and maintain a formal rental agreement between yourself and your business
• Document each use with invoices and calendar entries
• Pay yourself from your business account using traceable methods (transfers, checks, digital payments)
• Monthly strategy sessions are ideal for implementing this strategy while staying under the 14-day limit
• Take photos and keep notes from meetings as supporting documentation
• Rental payments of approximately $1,000 per day are typical, depending on your location
Send this episode to a friend and let them know about What Your CPA Wants You to Know Podcast!
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Paying your children through your business is a legitimate and powerful tax strategy that can save you thousands every year!
• Reduce taxes by converting business income into deductible expenses with zero tax impact
• Children earning under $15,000 (2025 standard deduction) pay no income tax and don't need to file returns
• Sole proprietors (Schedule C) and farms (Schedule F) don't pay payroll taxes on wages to children
• S-corporations must pay payroll taxes, but strategy remains beneficial for 22%+ tax brackets
Thanks for listening! Please share this episode with fellow business owners to help them save on taxes too.
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Working with a CPA effectively requires understanding both what to do and what to avoid to create a productive professional relationship that benefits your business.
• Be organized when providing documents rather than dropping off unsorted boxes
• Avoid piece-mailing documents and instead provide complete packages when ready
• Consolidate questions and communications to respect your CPA's time
• Ask questions to understand your tax situation and learn from your CPA
• Plan ahead for taxes and save a portion of profits throughout the year
• Set clear expectations about which specific services you need from your CPA
• Respect their time as a professional service provider who bills for consultations
• Don't wait until the last minute to submit documents during busy season
• Never ignore tax deadlines or expect your CPA to care more about your business than you do
• Understand that CPAs cannot eliminate all taxes, only help minimize them legally
• Keep business and personal finances completely separate
• Budget for CPA fees as a regular business expense
• Don't assume your CPA handles everything without specific agreements
• Feel comfortable switching CPAs if the relationship isn't working well
If you've found this episode helpful, please leave us a review!!!
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We tackle the critical but often overlooked task of proper bookkeeping for business owners and share how avoiding common mistakes can save you thousands of dollars and countless headaches.
• Bad bookkeeping comes in many forms—from procrastination to incorrect QuickBooks entries
• Cleaning up messy books often costs more than starting from scratch
• Hiring an inexperienced bookkeeper can be more costly than doing it yourself or contracting an external accountant
• Monthly bookkeeping creates visibility into your finances and helps avoid tax surprises
• Regular review of financial reports is essential to catch errors before tax filing
• Separate business bank accounts are crucial even for simple businesses using spreadsheet accounting
• Setting regular calendar appointments for bookkeeping helps maintain financial clarity year-round
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We decode the confusing rules around when children and dependents need to file tax returns, covering both W-2 employment income and 1099 contractor payments.
• Children with W-2 income under $14,600 (2024 standard deduction) don't need to file unless they want to claim a refund
• Parents can still claim college students as dependents if providing over half their support
• 1099-NEC income has a much lower threshold - children must file if they earned over $400
• Self-employment taxes (15.3%) apply to 1099 income even when income tax doesn't
• Always track and deduct business expenses to reduce taxable profit on 1099 income
• Common deductions for teen workers include certification costs, mileage, and equipment
If you found this episode helpful, we would really appreciate if you would share it with somebody that you know.
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This episode highlights significant upcoming tax changes for 2025 that every business owner should be aware of!
• Discussion of the BOI report saga
• Overview of major tax changes impacting 2025
• Depreciation Changes business owners should plan for.
• Estimated Tax Payments and the new penalties!
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The episode dives into the updates surrounding the BOI report, which requires LLC owners to report beneficial ownership information to FINCEN. Here we discuss the BOI updates as of today!
• Introduction of the BOI report and its purpose
• Current status, with no legal obligations to file now
• Importance of monitoring updates closely
• Recommendations for proactive filing and seeking clarity
• Encouragement to share the episode for awareness
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Ever felt like you're sacrificing your family life for business growth? It’s a dilemma many of us face, especially as we navigate the complex demands of 2025. This episode is a reflection on the art of setting boundaries to ensure that our professional ambitions don’t overshadow the important moments with our loved ones. With three active kids, the conversation is about making intentional business choices that align with family values. It's about saying "no" when necessary, adjusting work hours, and hiring help to avoid the burnout that comes from trying to do it all.
This episode is your reminder that a business should serve your life, not consume it. With insights on goal setting and productivity, we encourage you to create a balanced lifestyle that supports your overall well-being!
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Tax season is here and this episode delivers our help to navigate it successfully. We discuss critical deadlines, necessary filings, and how to prepare efficiently for your taxes while avoiding common mistakes. We cover all the questions that have been hitting our inbox this week to help you get 2024 wrapped up and organized to file your tax return!
• Importance of early preparation for tax season
• Key deadlines for end-of-year filings like W-2s and 1099s
• 1099 requirements and deadlines
• Using QuickBooks and digital tools for filing
• What documents to submit to your CPA
• Important tax due dates
• Tax extensions and penalties
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Setting clear goals at the start of a new year is essential for any business's success. We encourage deliberate planning to review past performance, establish actionable goals, and stay aligned as a team throughout the year.
• Reflecting on last year's successes and challenges
• Setting realistic and actionable goals for 2025
• Weekly meetings for team alignment
• Updating and refining standard operating procedures
• Proactive client communication and training strategies
• Discussing budget and marketing efforts
• Documenting meeting notes for accountability and progress tracking
• Emphasizing work-life balance alongside business growth
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Please note: There is a temporary pause in enforcement of the BOI Report filing following a significant court ruling this month. Though we do think the BOI report will eventually need to be filed at some point.
This episode walks you through how to file your BOI report on the FINCEN website if you have not yet filed!
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THROWBACK EPISODE! OLDIE BUT GOODIE :)
If you started a business and didn't file any paperwork, what type of business are you??? Do you know???
The IRS will automatically classify your business as a sole proprietorship and that you will file the business income and expenses on Schedule C of your personal tax return. So not much will change except for your tax return!
If you filed an LLC, you can still be classified as a Sole Proprietorship. You will have some additional filing requirements for the state you filed the LLC in.
In this episode we discuss:
-Do you need an EIN for your sole proprietorship?
-What expenses can you deduct (i.e. save $$ in taxes)?
-How do you file your business taxes?
-What other filing requirements do sole proprietors have?
-Can you be an LLC and a sole proprietorship?
If you are new to owning a business, this episode is a perfect place to start educating yourself on paying taxes as a business owner!
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Join us as we challenge common tax myths that we hear often from clients. We explain why your CPA doesn't need a collection of every single receipt, thanks to the magic of bank statements, and how the progressive tax system really works.
Listen to this quick 10 minute episode to learn what's true and what's false (& impress your CPA this tax season)!
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There are SO many things for business owners to do at the end of the year + the first month of the new year! It's a LOT!
This episodes guides you through what you should check off your list before the end of 2024. We help you get organized for tax time and explain what you can do before the year ends to reduce your taxes!
With these actionable insights, equip yourself to minimize tax liabilities, align with your business needs, and confidently step into the new year penalty-free.
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Confused about transferring money from your business to personal accounts? Whether you run a partnership, S-corp, sole proprietorship, or partnership, we'll guide you through owner distributions and explain why these transfers aren't classified as expenses.
This episode is a must-listen for business owners confused on how to account for owner distributions and how they work! Tune in and empower yourself with the knowledge to tackle owner distributions head-on.
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Are you using QuickBooks or another accounting software? Are you using it correctly?
In this episode we discuss the big issues we see with Quickbooks (mainly user errors) and the biggest bookkeeping mistakes we see often.
With QuickBooks subscription costs on the rise and many client complaints, we have a new tool in the works!
Get excited about our new bookkeeping tool set to launch in early 2025, to simplify tax estimation and expense tracking. The tool will offer more than just basic tracking; it aims to revolutionize how you handle mileage, assets, loans, and home office deductions. Let us know what else you'd like to see included!
Join the waitlist so you can be notified when it is ready HERE
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New tax laws coming in hot. Have you wondered what an unrealized capital gains tax could mean for you? Discover how the proposed tax changes could impact investors, from high-net-worth individuals to everyday people, and why it's crucial to stay informed even if you're not a millionaire.
Join us as we discuss this proposed change and why its not as terrible as it sounds, for now! :)
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Curious about the secrets to stress-free potty training and successful business partnerships? Join us as we chat with Sarah Mechling, the brilliant mind behind Tinkle and Toot, a potty training support business for parents.
We discuss the complexities of business partnerships and Sarah's previous experiences. She opens up about the importance of setting up proper legal agreements and the steps new entrepreneurs should take to protect their ventures. From obtaining an EIN to forming an LLC, Sarah shares lessons learned the hard way.
Connect with Sarah!
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Ever wondered how to equip your kids with the skills to manage money wisely? In this episode, we share things we do with our kids to teach them about money!
We discuss how guiding your children to save for big-ticket items, like their first car, can instill lasting lessons in planning and patience.
We share practical tips and strategies for integrating financial education into your parenting. This is one topic we love to talk about, come join in on the conversation with us!
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What if you had a personal trainer for your business finances? In this episode, we introduce our Monthly Accounting Plan, designed to help business owners stay ahead of their accounting and tax duties, and budget for accounting services!
This monthly accounting plan is a proactive, year-round CPA service. With consistent monthly consulting calls and annual tax projections, this membership-based service is here to provide ongoing support and strategic guidance, ensuring better financial health for your business.
We focus on how this structured approach can lead to significant cost savings and more informed financial decisions. If you're a business owner looking to transform your financial management, this is your chance to learn how to secure one of our limited client spots!
Reach out to us at: carson@sandsco.net
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Ever wondered what increasing your website traffic could do for your business? Meet Maggie Schneider, a Squarespace web designer and SEO consultant that specializes in increasing online visibility for her clients in the health and wellness space. She started her business, Hilltop Help in 2021 looking for a creative outlet and a way to work from home while raising her two young children. She eventually left her career as a registered nurse to pursue her business full-time and has helped businesses grow their brand awareness online and get more leads and sales through strategic content marketing and thoughtful search-engine optimized web design. Maggie also recently launched her SEO course RANK Method- which is the A-Z blueprint to simplify SEO and marketing strategies for the busy business owner. She is most active on Instagram @hilltophelp
Instagram: instagram.com/hilltophelp
Website: hilltophelp.com
FREE 5-Day SEO Email Challenge: hilltophelp.com/seo-challenge
FREE Content Creation Training: hilltophelp.com/content
SEO Course (RANK Method): hilltophelp.com/rank
Use discount code CPA100 to get $100 off the price of RANK Method.
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How did managing your online business become such a technical headache? Discover a game-changing solution that’s transforming the way creators, influencers, and business owners operate. In this episode we discuss the benefits of Stan Store—a robust platform that rolls the functionalities of Shopify, Flodesk, and other essential apps into one seamless, easy-to-use tool.
Inspired by a podcast featuring Stan Store's founder, we dive into the vision and motivation behind this groundbreaking software. Learn why Stan Store is becoming indispensable for those who want to enhance their digital presence without the usual tech stress. Whether you're struggling to juggle multiple apps or looking to streamline your business processes, this episode will be helpful! Tune in to find out why Stan Store is the must-have tool for today’s digital entrepreneurs.
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Ever wondered how to steer clear of the most common pitfalls as a business owner?
In this episode, we tackle everything from opening separate business bank accounts and maintaining proper bookkeeping, to avoiding the pitfalls of rapid business growth and budgeting effectively for accounting and legal services. Hear our tips on setting aside funds for taxes and simplifying tax preparation, including the practice of scheduling a projection meeting with your CPA. Prepare to equip yourself with knowledge that can save you from costly mistakes and ensure your business thrives from the start!
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Ever wondered how humor can transform your marketing? Join us as we welcome Janelle Baum, the orthodontic influencer, who shares her unique journey from an orthodontic treatment coordinator to a sought-after speaker and consultant. Janelle's comedic talents led her to helping orthodontic offices enhance patient engagement and drive sales. Get ready to laugh and learn as Janelle reveals her strategies for standing out in a crowded market with creativity and humor.
Authenticity and consistency are at the heart of Janelle's success, and she shares how embracing your unique personality can set your brand apart. Think of yourself as a "Froot Loop in a world of Cheerios"—and don't be afraid to be different. We'll discuss the importance of regular engagement on social media and the value of feedback from your community. Janelle's insights on blending your true self with your marketing efforts will inspire you to refine your content and style for maximum impact.
This episode is packed with tips for maximizing social media, boosting client engagement, and driving business success.
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Ever wondered how a small CPA firm can handle a large workload efficiently and produce record breaking profits? This episode is your gateway to understanding the secret sauce behind our firm's growth and productivity. In this episode we share basic tools like phone apps and spreadsheets to advanced solutions like monday.com.
Discover how adopting the right tools can significantly enhance your business's efficiency and profitability.
A favorite tool of ours is Calendly. Learn how integrating this scheduling tool not only streamlined our appointment process but also reduced no-shows and ensured upfront payments.
This episode covers the significance of gradually implementing efficient business practices over the years. By staying organized and finding creative ways to cut down on time, we've managed to grow our client base while maintaining high-quality service.
Don't miss out on these valuable tips that can transform your business!
Here are the products mentioned in the episode that we use and love :
Calendly - for booking meetings
Flodesk - for emailing customers
Nextivia - For internet phone system
Square - for invoicing, payroll, and more!
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Forking over $31,200 yearly for health insurance as new entrepreneurs sounded like a financial nightmare. That was not in our budget when we started our business years ago. We did some research and stumbled upon the world of health sharing plans.
We know if you're starting a new business, health care has likely crossed your mind! In this episode we explain what we did for health coverage when we quit our jobs and what we do today. We share the pros and cons of health sharing plans that can save you money if you are on a tight budget in the beginning.
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Throwback: In this episode we explain the importance of keeping your W-4 in check, ensuring you're not caught off guard with a hefty tax bill or a disappointing refund.
We get so many questions about the W-4 form and how it should be filled out so we are breaking it all down in this episode! If you had a big tax surprise this year, this episode is for you!
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Have you heard of the new Beneficial Ownership Information Report that must be filed by all LLC owners in the U.S?!? This is the first year it is required and it is due quickly if you filed a NEW LLC in 2024. It's due by the end of the year if you file for an LLC established before 2024!
In this episode we explain what this new BOI report is and help you understand everything from the filing process on the FinCEN website to the substantial penalties that will be assessed if you forget(!).
We lay out all the info you need to meet the critical deadlines and explain when you might need to refile. This episode is SO important for all LLC owners! Send this to everyone you know who has an LLC!
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In today's episode, we take off our "accounting" hats and put on our "business owner" hats to share how we do a quarterly meeting in our business and how you can do it too!
Ever wondered how tweaking your pricing strategy could work wonders for your revenue? That's just one tip we share as we guide you through the art of conducting a quarterly business review to supercharge your growth.
We explain how we review our financial reports every quarter to uncover growth trends, optimize expenses, and set achievable goals for our small business.
In this episode we discuss using automations in business, cutting costs, planning for upcoming months, and saving for taxes. A quarterly review is a must for all business owners!
Stay with us, and you'll learn how to make every quarter count, laying the groundwork for a financially sound and thriving business.
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Do you know how to read your tax return? Do you review your tax return when your CPA sends it over? Do you know how?
In this episode we explain the numbers on your personal tax return (Form 1040) and how to review your tax return. A skill everyone should have! This episode is perfect for everyone, whether you file your return yourself or pay your CPA to prepare your tax return.
We also explain our progressive tax system, the ins and outs of self-employment taxes, and strategies like S-corp status that could potentially lighten your tax burden. By the end of this episode, you'll be equipped to review tax payments and withholdings with the skill of a seasoned pro, ready for the next tax season without any nasty surprises.
Plus, we tackle the critical step of signing Form 8879 for e-filing, and why aligning the numbers on your tax return with those on the form is not just about accuracy—it's about peace of mind. So, grab your tax return and join us for a session that promises to educate and empower you for future tax seasons.
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Every now and then, we cross paths with someone whose strength is so palpable, it resonates through their stories and touches our lives.
Josie's story of unwavering love and resilience as she navigated the diagnosis of her third daughter's heart condition and Down syndrome is one you won't forget. Our latest episode offers a window into her world, where the simple act of crafting bracelets sparked a global chain of support. These bracelets symbolized hope and togetherness for people all around as her daughter braved the critical heart surgery. Josie's candid recounting reminds us that even in our darkest times, the compassion of others, can shine through.
Josie started her business, Love for Littles, a venture where passion meeting business. Josie's story captivates as she details how a personal mission evolved into a means of solace for families battling health crises. It's not just about the bracelets, but the bonds they foster. As her children contribute, taping these symbols of solidarity onto cards, we're reminded that business can be both a labor of love and a family affair.
Join us to hear how Josie started a business from passion and how she is making money while also supporting others along the way!
Find Love for the Littles Here:
Website: www.theloveforlittles.com
Instagram: https://www.instagram.com/theloveforlittles
Facebook: https://www.facebook.com/theloveforlittles
TikTok: https://www.tiktok.com/@theloveforlittles
Phone Number: (920)207-9453
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Do you need more time to file your tax return this year? If so, don't forget to file an extension to reduce penalties!
In this episode, you'll learn the ins and outs of tax return extensions.
We dissect deadlines for all tax return filings and the penalties assessed if you do not file on time and/or do not file an extension.
We also talk penalties and interest—because if there's anything less exciting than watching paint dry, it's watching your hard-earned cash wash away to the IRS. But fear not! We've got your back, breaking down how the IRS penalizes those who file late and those who forget to file an extension.
And if you're staring down a tax bill that looks more like a phone number, don't panic! We cover the IRS payment plan and why it beats the ostrich strategy (aka burying your head in the sand) every time. So, sit back, relax, and let us guide you through all the details you need to know about filing an extension for your tax return!
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Ever wondered how you could safeguard your financial legacy with a trust? Why do people set up a trust? How do they work?
That's what this episode is all about!
In this episode we explain the nuances of trusts, and there are a lot! We start by explaining exactly what a trust is, how it is used, and the various types of trusts.
We also explain the tax implications for the various types of trusts (of course)!
We discuss the many reasons why establishing a trust could be a wise move for you. Not only do trusts offer a robust shield for your assets from unforeseen legal challenges, but they are also pivotal in estate tax planning and planning the distribution of your wealth.
Whether you're looking to preserve a family business, ensure future care for a loved one with special needs, or simply lay a solid foundation for personal financial planning, this episode is your guide.
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Wondering when you should hire a CPA? When is it okay to DIY your taxes?
If you own a business, you definitely want to hire a CPA to do your tax return even if you've done your own return in the past! In this episode we explain why that's the case and how you can find a good CPA for your business.
We also discuss what working with a CPA looks like during the year and during tax time!
We also cover CPA etiquette and billing that everyone should know . Ever wondered if that quick email to your CPA will cost you? We break down the billing protocols, so you're never caught off guard. Plus, we explain the full spectrum of services CPAs provide.
Whether you're a seasoned business owner or a newcomer to the financial arena, this episode is your compass to confidently choosing and working with a CPA who will bolster your business's success.
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This episode is a must-listen for anyone who owns rental properties or is contemplating a jump into the market. We discuss why your new rental property won't instantly wipe out your tax bill, despite popular belief. We go over all deductible expenses and educate you on the subtleties of depreciation, all to prepare you for making savvy investment choices.
Wrapping up, we dissect the tax deductions associated with different types of real estate involvement. Whether you're a passive investor, actively managing properties, or aiming for the coveted real estate professional status, we clarify how each impacts your ability to manage tax liabilities. Our goal is to make complex tax and accounting concepts understandable!
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Struggling to navigate grocery budgeting and personal finance? You're in luck, because we've got Samantha Gollup, the brilliant mind behind Anti Diet Mama, helping guide us through grocery shopping in our latest episode. As a registered dietitian, she shares her tips for mindful shopping, offering practical tips to avoid decision fatigue and align your cart with your wallet.
Samantha's also completed our Personal Finance Workbook and we discuss the things she learned and the changes she made after working thorough our guide.
Tune in and transform your financial conversations from dreaded talks to empowering ones! We share how empowering it can be to simply discuss your financial goals and make a plan for your family. This is an episode for everyone!
Samantha Gollup, MS RDN
Instagram: @anti.diet.mama
Website: www.antidietmama.com
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The S corp tax strategy. Have you heard of it?
This episode is a must-listen for those entrepreneurs whose businesses have crossed the threshold of $50,000 in profits after expenses. Get ready to equip yourself with the knowledge needed to determine if your business is a prime candidate for S corp status and understand the critical timeline for filing the forms that lead to significant tax savings.
We explain the additional responsibilities that come with an S-Corp structure, including owner payroll and separate business tax filings. With the March 15th deadline to file Form 2553 looming, we discuss the role of a seasoned CPA who can steer you through the transition seamlessly.
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Have you ever hit a jackpot and ended up with less than you expected after taxes? This episode is all about gambling income and the tax implications.
We discuss the crucial yet frequently overlooked aspect of gambling winnings and losses. We'll guide you through everything from 1099 forms handed out by casinos for those wins to deductions for your losses, which are important during tax season.
We see all too often our clients owe unexpected taxes when they have gambling income, which is why this episode will be so helpful!
Remember, a little preparation and awareness can save you from the gamble of an unexpected tax bill.
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Ever wonder why some tax returns get the dreaded IRS audit while others glide by?
Join us as we share the red flags that you do NOT want to file on your tax return! We've seen several audits happen because of these things and we want to share them with you.
We explain the chances of your tax return getting audited and what happens if you DO get audited. If you have a business on your tax return, we share many things we've seen lead to an audit!
Make sure to check out this very crucial episode!
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In this episode we guide you through the critical dates and details that every S-Corp and Partnership owner must know. Don't forget that the March 15th deadline for filing those business tax returns is approaching!
In this episode we explain the 1120S and 1065 tax returns for partnerships and S Corps and how to understand them and the taxes you will pay from your business!
We discuss what you need to give your CPA to file your tax return if you are filing a business tax return.
We also answer these questions:
What's a K-1 and how does it work?
What happens if I don't file on time?
What are ways to reduce taxes if you have a partnership or S Corp?
We got you covered with practical advice on preparing for a smooth business tax return process. We cover the essential documents your CPA needs and the nuances of deductible expenses, including assets like vehicles that can offer significant tax relief.
We emphasize the power of keeping your books up to date—not just for compliance, but to take advantage of tax-saving strategies like the Augusta Rule.
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As a mother of three, Elizabeth joins us to share her experience opening and running her own business. We discuss her pivot from traditional therapy to entrepreneurship and managing the beautiful chaos of motherhood. We discuss honestly how we both deal with our professional ambition and the demands of parenting three children.
Elizabeth shares the strategic shifts that led her from personalized therapy to the creation of her podcast and an online course. In this episode, not only does she reveal the nuts and bolts of managing business with personal life but also provides advice for those eager to do the same.
We chat openly and honestly about how we balance our ambitions as business owners and desires to be present mothers during these important years.
Elisabeth's Podcast
Elisabeth's website
Elisabeth's Instagram
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In this episode we talk about the standard deduction! Why?
Because MOST people don't really understand how it works. After you listen to this episode you will know how it works and if you will use the standard deduction or itemize on your next tax return.
We explain common tax deductions that we get asked about daily like: medical bills, home office expenses, and charitable contributions.
We answer all of our listener questions and get you ready for tax season!
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Ever been bewildered by owner distributions and their role in your business and personal finances? We explain why these distributions are not considered personal income, how they differ from business expenses, and the implications for your tax return. Make sure not to make the most common mistake when accounting for owner distributions! This episode will help you understand this term, why it's important, and how to properly account for it!
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Ready to conquer the end-of-year tax scramble with ease?
In this episode we guide you through the must-know ins and outs of 1099 filings. This episode will help you understand the who, what, and when of 1099s, so you can stay in good standing with the IRS without breaking a sweat.
We cover the critical role of the W9 form and how to discern who is deserving of a 1099 and what entities do not need a 1099. Don't let tax season be a source of anxiety—let's tackle it together!
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Are you a passionate entrepreneur with multiple projects simmering on your burners? Join us as Ashley Kinsvatter pulls back the curtain on managing a travel agency and a political podcast while navigating motherhood.
Ashley shares how she turned her travel hobby into a legitimate business and launched her own podcast called, 'United She Stands'.
Ever wonder what a mastermind is all about? We talk about the mastermind we both joined last year and how it has helped us grow and expand our businesses. We share our experience in the Pursuing Her Purpose Mastermind and the inner workings of a mastermind group.
This episode is also about the less glamorous side of entrepreneurship, like tax planning and bookkeeping. Ashley opens up about her strategies for managing these necessary evils and TAXES. Don't miss these insights from a fellow entrepreneur who's navigating business ownership with grace, humor, and an unwavering commitment to personal growth.
Connect with Ashley!
United She Stands Podcast
Kindventures Travel
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In this episode we share invaluable strategies for auditing your expenses, setting achievable goals, and making smarter budget decisions. Join us as we share intimate details of our own financial adjustments, like reallocating funds from daycare to retirement savings, and the methods we use to keep our insurance costs in check.
Ever considered that a simple change in how you manage your savings can revolutionize your budgeting routine? We share the new budgeting tool that's reshaped our financial approach, especially for those sporadic expenses that can derail the best of plans.
Have you heard about our personal finance workbook—it's like having a financial coach at your fingertips. This isn't just another budgeting guide; it's a comprehensive companion, complete with worksheets, tailored email support, and accountability checks to ensure you're on the path to achieving your personal finance goals. Whether it's paying off debt or prepping for your golden years, we will provide you with the tools and strategies you need to take command of your finances.
Find our Personal Finance Workbook Here
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Are you tired of the stress and confusion that accompanies tax season? We say, no more! In this episode we’re going to debunk some myths, like the unnecessary need for receipts, pinpoint potential audit red flags, and even share some insider tips on how to spend less on tax preparation fees.
Get ready for a deep dive into the world of tax returns. We'll navigate through the common questions like 'Do I really need a CPA?' We’ll also discuss about the different business due dates (Spoiler: It's April 15th for sole proprietorships and March 15th for partnerships/S corps). We’ll clarify what NOT to file on your tax return if you want to avoid an audit with the IRS.
Whether you're curious about the purpose of a K1 form, or are scratching your head about self-employment taxes, this episode explains it all. Don't forget about the discussion on filing tax extensions, and the importance of avoiding penalties by meeting those oh-so-crucial deadlines. So, if you're a business owner or an individual craving some tax guidance, sit back, relax and let us teach you everything your CPA wants you to know about tax time!
Find the Tax Prep Checklist HERE
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Have you heard about the new Venmo tax reporting changes?
We've got your back in this latest episode where we dive into the implications linked to Venmo usage. We explain the differences in IRS regulations for personal and business Venmo accounts. We also discuss the game-changing 1099K form, its purpose, and the circumstances under which it is issued to businesses.
If you've been wondering what the Venmo changes will look like for your business and your tax situation, this episode is for you!
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Brace yourselves for another tax law change!
This change will apply to any taxpayer who owes taxes when filing their tax return. That's a lot of people who need to know about this recent change!There is a new estimated tax penalty of 8%, which was only 3% in the past! Long story short, you're going to need to make those estimated tax payments and not wait to pay until when you file in April!
We untangle this change, due to hit in Q4 2023, and its potential impact on entrepreneurs, contract workers, and those with rental or royalty incomes. We explain the penalty calculation using examples for a clearer understanding.
Circling the dates on your calendars yet? Knowing your due dates is half the battle won, isn't it? And if you're a new business owner or planning to become one, this one's for you! We explain various methods to estimate your taxes and avoid this penalty.
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Ready to conquer depreciation?
Did you know that bonus depreciation is set to decrease from 80% to 60%? But what does this mean for you and your business? We'll break it down and walk you through real-life scenarios ranging from the purchase of a new copy machine to buying a bulldozer for your construction business. By the end of this episode, you'll have a clear understanding of how to deduct the wear and tear of assets from your tax return, giving you more financial control and potentially saving you significant tax dollars.
So sit back, relax, and let us guide you through the ins and outs of depreciation. Let's get started.
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Imagine closing the gap between your aspirations and your accomplishments. That's exactly what you'll learn from Kristin Burke, a goal achievement coach and successful entrepreneur, in our discussion about the art of goal setting for business owners.
We'll also be sharing personal experiences, challenges, and strategies that have helped shape our businesses. One strategy is the power of community and connecting with like-minded entrepreneurs. We explain the benefits of external support and how it aids in keeping us accountable to our goals.
This episode is packed with strategies for growing your business and achieving your goals. Kristen's website is an incredible resource for anyone looking to elevate their business, offering tools and strategies for goal achievement. So, tune in to this enlightening episode, loaded with actionable insights that will surely give your business a boost.
Find Kristin Here:
Website: https://kristinburke.com
Elite Achievement Podcast: https://elite-achievement.captivate.fm
Instagram: https://www.instagram.com/meetkristinburke/
LinkedIn: https://www.linkedin.com/in/burkekristin/
Breakout Plan: https://kristinburke.com/breakout-plan
Course Waitlist:https://kristinburke.com/course-waitlist
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Are you feeling overwhelmed with the thought of saving for your child's college education? Fear not!
In this episode we explain the various college savings options along with their tax benefits. We take an in-depth look at various plans weighing their pros and cons to help you make an informed decision.
- Prepaid Tuition Plans
- 529 Plans
- UTMA
- ESAs
- Custodial Accounts
Whether you are just starting your journey towards building a college fund or reassessing your current plan, this episode is packed with actionable insights to guide you through this complex arena.
So, tune in and let us help you craft a college savings plan that best suits your family's needs and goals.
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How about turning financial struggle into financial freedom? That's the journey we took over 10 years ago. We'll talk you through our once gloomy reality and how we rose from it all to own a thriving business and gained control of our finances.
Building a solid financial future doesn’t have to be a distant dream; it can be your reality. We'll share how creating a budget that fits your lifestyle can be the key to unlocking financial independence. We'll shed light on the importance of planning for the future with retirement and life insurance. We explain everything your CPA wants you to check off your list to win with personal finances!
And for those looking to kickstart your own journey? We’ve got you covered with our four-week workbook, designed to guide you towards financial success. When you purchase our new Personal Finance Workbook you also get 4 weeks of email support from us!
Are you ready to get your finances in order in 2024???
Check out the Personal Finance Workbook here - Click HERE
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Ready for one more thing to add to your business to-do list? Brace yourself! A new filing requirement is coming your way, and trust us, you don't want to miss the deadline.
This episode is all about the Beneficial Ownership Information (BOI) report, enforced as part of Congress’s Corporate Transparency Act to discourage shell corporations and hidden funds. But do not stress, we unpack everything you need to know about this potentially intimidating obligation.
We explain the BOI report, its purpose, who must file it, and when. It's not just about understanding the report; it's about knowing how to handle this new obligation. We also talk about what this shift means for you as a business owner, whether you're planning to start or already running a business.
Let’s navigate this together and make sure you’re on top of these changes to avoid any pitfalls. Tune in, and remember, knowledge is power!
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What could a pair of entrepreneurs with backgrounds in teaching and marketing teach you about running a successful business?
Melissa and Katie from Everyday M&K, unravel their journey from a chance meeting to building a thriving online business. They talk about their past experiences & their passion for what they do.
This episode peels back the layers of running a successful business, emphasizing that it's more than just an idea; it's about tenacity, risk-taking, and treating your startup as a business from the get-go.
Melissa and Katie discuss the challenges they faced when starting their new business. Yet, they shine a light on the joy and fulfillment derived from passionately pursuing your dreams while prioritizing the things that matter most.
Are you ready to embrace the entrepreneurial ride? Let Melissa and Katie guide you through their inspiring journey with Everyday M&K— where their motto is simple, "you just have to try.
https://www.everydaymandk.com/ M+K's Blog
https://www.instagram.com/everydaymandk/ M+K Instagram
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Ever wondered how you can legally and ethically lower your tax bill and avoid? We explain how you can maximize your business expenditures, discussing everything from depreciation specifics to the lesser-known Augusta rule. If you're a new or established business owner, we've got you covered with tax deduction you need to know about!
We explain deductions such as paying your kids and the S Corp, and how you can utilize them to save on taxes. We will also take you back to our previous episodes for a deeper understanding of these topics. Remember, we hate taxes as much as you do, and our main goal is to make this process a bit less painful for you. So join us for this tax-saving episode!
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Can you recall the exhilaration that came with the early days of your business, only to be confronted with the daunting task of hiring help? Dr. Amanda Thompson recounts her experience on the podcast. She talks about the swift changes and pivots that were essential to keep up with her rapidly expanding business and the process that led to her first hire.
Dr. Amanda shares her financial strain of expanding workspace, and the time and money lost in the onboarding process. She shares valuable insights from her journey of business growth, emphasizing the importance of making financial decisions cautiously.
Whether you're a budding entrepreneur or an established business owner, this episode has lessons and experiences that can help navigate the tricky terrains of rapid business growth and hiring help.
Find more from Dr. Amanda here:
Dr. Amanda's Website https://www.rootedphysicaltherapyllc.com/
Rooted PT Instagram page https://www.instagram.com/rootedphysicaltherapy/
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
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Imagine entering tax season with confidence, knowing your books are in order. Does that sound too good to be true?
Our QuickBooks Wiz, Kaylee, is here to prove it isn't. Drawing from her wealth of experience, she guides us through the crucial practice of categorizing and reconciling transactions monthly, ensuring no income or expense gets overlooked. She also emphasizes the importance of updating your books with any new assets or loans within the year.
In the episode we cover the common pitfalls in QuickBooks and the secrets to avoiding. Are you making the most of your balance sheet and profit-and-loss statements? Discover the answer as we delve into the essential details of these financial statements. Kaylee also enlightens us on what it takes to keep your QuickBooks reconciled throughout the year and the most neglected practices in QuickBooks that could significantly impact your finances. We also tackle why you should always consult a CPA or accountant before using QuickBooks Live Bookkeeper and what could go wrong if you don't. Tune in for a practical guide to maintaining a clean set of books and achieving seamless tax preparation.
For more details on reading your financial statements that we discuss in this episode, check out episode 26 of this podcast! Click the link below to listen
https://podcasts.apple.com/us/podcast/what-your-cpa-wants-you-to-know/id1662233902?i=1000617866751
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What if you could turn your passion into a full-time career while juggling the responsibilities of motherhood? This week's episode is an amazing conversation with Abby Green, a mother of three and a full-time entrepreneur. Abby's inspiring journey into entrepreneurship kicked off when her third child was diagnosed with Down Syndrome. She tells us how this life-altering event sparked the courage in her and her husband to embrace self-employment, leading to the creation of her online businesses, Pursuing Her Purpose and the Herself Podcast.
She shares invaluable advice on learning new skills, such as bookkeeping, to ensure the smooth running of a business. Plus, she lets us in on the dynamics of maintaining a business partnership, shedding light on the importance of recognizing individual strengths, navigating through challenges, and appreciating your partner’s contributions.
We wrap up with Abby sharing her online businesses that focus on creating resources for new mom entrepreneurs, emphasizing the need for life outside your business. Join us for an episode packed with invaluable advice for any aspiring entrepreneur.
http://www.instagram.com/abbyrosegren Abby's Instagram Page
https://www.instagram.com/pursuingherpurpose Pursuing Her Purpose Instagram
Page
https://www.instagram.com/herselfpodcast/ Herself Podcast Page
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Bonus episode!
This is all about our new S Corp Guide for those planning to switch their
Sole Proprietorship or Partnership to an S Corporation.
The guide explains:
- WHEN to switch to an S Corp
- WHY you should switch to an S Corp
- HOW to switch to an S Corp
- WHAT responsibilities S Corps have every year
The guide is packed with over 60 pages to help you understand how your taxes will change and why. The guide will help you understand how your business income is taxed, which is SO important for all business owners to understand! It also contains super handy checklists to help you stay organized with filings and requirements.
Check it out here:
https://www.whatyourcpawantsyoutoknow.com/products/how-to-convert-your-business-to-an-s-corp
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
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Last week's episode was all about the importance of the S Corp strategy for businesses making over $50,000 in yearly profit. If you didn't listen to that episode, go back and check out episode 38! That episode explains HOW the S Corp saves you money in taxes.
This episode is part two. This episode explains how to make this change if you are ready to save some taxes! So if you are ready to jump in, this episode is exactly what you need to move forward with this tax strategy.
In this episode we explain:
- The steps needed to convert your business to an S Corp
- What forms to file to make the conversion
- What responsibilities and due dates you need to know as an S Corp
- How to determine your salary and your distributions
- What options you have to run payroll and file payroll reports
- When you will file your first business tax return after the switch
- How much it costs for a CPA to set this all up for you if you don't want to DIY
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
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We want to share a common tax strategy that should be used by businesses making over $50,000 in profit. All too often we see business owners not taking advantage of this tax strategy! So we're here to spill the tea so everyone can use and understand this strategy and save some tax dollars!
In this episode we explain how and why switching your business tax entity to an S Corp will save you thousands of dollars every. single. year! Who doesn't want to save taxes?
This episode covers:
- What is this tax strategy?
- Why didn't my CPA tell me about it?
- Is this strategy legal (yes)?
- How does it work?
- Why is this so beneficial?
- Who should be doing this?
- How much can I realistically save yearly using this strategy?
You should know and understand how this works before moving forward with a tax entity change, and this episode will explain everything in a way you can easily understand. Next week's episode is all about the nitty gritty details of this tax entity if you are ready to make the switch so don't forget to SUBSCRIBE!
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If you are starting a new business, this question always pops up. Will you file as an LLC?
What is an LLC and do you need one? What does that mean for your taxes and other filings?
In this episode we discuss all the LLC details you need to make the best decision for your business and give you the details you SHOULD know if you have an LLC!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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We have the wonderfully talented Sara Reynolds on the show today. She and her husband expanded their business this year by opening a storefront for their bakery, Butter Bean Baking Co. In May of this year she officially went full-time in her business when she left her job as an educator to pursue her passion of baking and creating.
Sara explains the hurdles they faced this year and what she thinks helped them take this big leap into full-time entrepreneurship. She is a vastly creative person who is partnered with her practical down-to-earth business partner, her husband and best friend, Brandon. Sara shares {hilariously} how she is balancing this new venture and her role as Mom while having the time of her life amongst the chaos.
She teaches every new business owner a very important lesson about saving for taxes and their hack for making SURE they set aside money for tax time!
If you're a new business owner or plan to be soon, don't miss this episode!
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This is the last episode in our very first personal finance series!
In this episode we dive further into saving for retirement. If you listened to Episode 33, you know what it will take to retire WHEN you want to retire. You also know that 15% of your income should be going to retirement savings (or more if you are behind). Now the question is, where do you START? Where should you put that 15%?
In this episode we discuss:
What type of retirement accounts there are to choose from
What accounts you should pick first and why
How to diversify your retirement savings account(s)
What to do if you aren't getting a good rate of return
What type of things WE choose to invest in
What account options are available for self-employed individuals
What retirement accounts reduce your taxes NOW
What is the difference between a traditional and ROTH IRA
What investing basics are good to know as you begin investing
What is a Backdoor Roth
Steps to get started investing today
As you can see, this episode is JAM PACKED with great information everyone needs to know about saving for retirement. It's a quick and easy listen where you can learn a TON in 30 minutes on your commute to work!
More on the BACKDOOR ROTH: Episode 23 https://podcasts.apple.com/us/podcast/what-your-cpa-wants-you-to-know/id1662233902?i=1000615115411
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This is the fourth episode in our personal finance series and it's all about life insurance!
It's one of four episodes in this series for a reason... it's important!!!
When creating your budget and organizing your finances, signing up for life insurance should be at the top of your to-do list! In this very important episode we answer these questions so you can sign up for life insurance and get your family protected now!
- Do you need life insurance?
- What type of life insurance should you get?
- Why types are there?
- How much does it cost?
- How much coverage do you really need?
- How does it work?
- How much does it cost to have life insurance?
Not everyone needs life insurance and we explain who does NOT need life insurance in the episode. If you do need life insurance and don't have it, you will have the information you need to get that taken care of today after listening to this episode!
Get a Quote Here: https://www.zanderins.com/term-life-insurance/instant-quotes
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This episode is all about how to calculate your retirement age and is SO beneficial for everyone! Do you know how to easily calculate this? You will after you listen to this episode!
We explain how to calculate your retirement and answer some very important questions like:
- How much do you need in your account when you retire?
- How much should you be saving monthly?
- Can you have the same lifestyle in retirement?
- What age can you realistically retire?
- How do you factor in what you already have saved (if any)?
- How can you factor in inflation when you figure your retirement amount?
We walk you through using an easy tool that will help you make some VERY important decisions about your retirement whether you are 18, 35, or 55! This episode is great for every age and every stage of retirement planning!
Find the calculator we use in this episode here: https://www.ramseysolutions.com/retirement/investment-calculator
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We had so many questions come in about personal finance that we decided to make it a series!
In this episode we answer the top listener questions we received on our Instagram page
We cover:
- Budgeting for big purchases
- How WE run our personal finances
- Where to start if you are in debt
- Family budgeting strategies that we use
Next week we will have another episode in this series all about personal finances, so make sure to subscribe!
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We often meet with clients to discuss personal finances and guide them through important tasks like retirement savings and budgeting.
In this episode we share the 5 things you can do NOW to improve your finances if you find yourself in the position we did a decade ago. We discuss how we climbed ourselves out of a big-hole-of-debt using Dave Ramsey's advice. We also share the key takeaways we learned from that process.
We explain these important topics for every person: budgeting, saving, retirement planning, and insurance.
In this episode you will get a checklist of items that you should be doing now to ensure financial wellness!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
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If you own a small business or are starting one, chances are you have already asked yourself this question!
Do I NEED to purchase QuickBooks for my business? It seems like so many entrepreneurs use QuickBooks! But why is that?
In this episode we answer that question and cover these important details:
- What is the cost to use QB?
- Who needs QB and who does not?
- What QB subscription should I use?
- if I choose not to use QB, what is another good option?
- Why do CPAs like QB?
- Why is QB so popular?
If you are just jumping into business ownership, or your business is taking off, this is a GREAT episode for you. This episode is a quick QB crash course perfect for anyone asking themselves this question.
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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Starting a new business is a scary thing. There are so many steps and jobs to be done going from idea to actually opening up shop!
In this episode we share the weird things that we did to get us from dream to reality in 2016. This episode will help give you ideas that can ensure you have the time needed in the beginning to prove your concept and set your business up for success!
We discuss:
- Free ways to market and grow you business when the budget is tight
- How to cut overhead in the beginning to give your business the time it needs to grow with less STRESS!
- 3 strange things we did to save the money we needed to start our business
- How we navigated the first year as entrepreneurs while also raising a family
- Our mindset while we were getting started that really contributed to the success we've seen in our business years later.
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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If you started a business and didn't file any paperwork, what type of business are you??? Do you know???
The IRS will automatically classify your business as a sole proprietorship and that you will file the business income and expenses on Schedule C of your personal tax return. So not much will change except for your tax return!
If you filed an LLC, you can still be classified as a Sole Proprietorship. You will have some additional filing requirements for the state you filed the LLC in.
In this episode we discuss:
Do you need an EIN for your sole proprietorship?
What expenses can you deduct (i.e. save $$ in taxes)?
How do you file your business taxes?
What other filing requirements do sole proprietors have?
Can you be an LLC and a sole proprietorship?
If you are new to owning a business, this episode is a perfect place to start educating yourself on paying taxes as a business owner!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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Don't start a business until you have asked yourself these important questions!
In this episode we explain what 5 questions we feel are SO very important to ask before getting started to set yourself up for success.
Many people often forget to focus on the things that truly matter and impact the overall success of their business. Find out what those questions are and more in this important episode.
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Are you familiar with your financial reports such as your Profit and Loss or your Balance Sheet? Do you use these in your business to make decisions and monitor growth?
If you need some help in this area, this episode is for you!
In this episode we discuss what these reports are and how to use them.
We also cover our favorite key performance indicators (or KPIs) and what we consider ideal metrics for financially healthy businesses. Want to know how to implement the use of KPIs in your business? That's in here too! We explain how we use them in our business to grow and move in the right direction for the future.
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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If you are a small or medium-sized business that ran payroll during the pandemic, you could be eligible for the Employee Retention Credit.
Have you heard of this credit?
Time is running out to file for the credit in some quarters so this episode will help you determine if you are eligible and what the process is like to actually claim this credit.
This is a complicated credit to claim so this episode is a GREAT listen if you are beginning the process so you know exactly what you are getting yourself into!
We discuss who is eligible and the various steps that must be taken to receive the credit.
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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A tax projection is done to help business owners estimate taxes owed for the year by looking at profit for the first half of the year (or whatever part of the year has passed). This is a great time to make sure that you are properly saving for taxes owed on business income and a great time for tax planning. Tax planning needs to be done BEFORE the year ends so you can make any changes or purchases before the tax year ends!!!
It's also great check-in with your CPA halfway through the year to make sure you are on track and there are no surprises when tax time rolls around in April!
In this episode we discuss who needs to do a tax projection, why it is important, and what you need to do one with your CPA.
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For this episode we polled our Instagram page to answer the most asked questions from you on the podcast!
What is a backdoor Roth and should you have one?
What about estimated payments for business owners? How should you estimate them?
How does the standard deduction work?
What retirement saving options do business owners have?
How much should you be setting aside for taxes for a new small business?
We answer all of these questions here in this quick (and easy to understand) episode!
Do yourself a favor and take 15 minutes to learn something today!
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Have you ever heard of Section 280A?
This deduction, also called the Augusta rule, is a legal way for business owners to save taxes every single year! However this deduction is not only great for business owners, but all homeowners can benefit from this tax law.
In this episode we explain what exactly §280A is, and why and how you can use it to save $$$
This is one deduction you want to make sure you are using!
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We often refer to the guide we wrote for entrepreneurs called, What Your CPA Wants You to Know About Starting a Business. This episode explains what that guide is all about!
Is it right for you? What value does it provide? what questions does it answer? Why it is so impactful for new business owners?
If you have been on the fence or considering purchasing the guide, listen to this episode to find out more! Make sure to listen for a special discount code to use at checkout!
Purchase here!!!
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This is a jam-packed episode all about how Nate and Skye Reyes took their idea of a small coffee business from dream to reality. Now, they are two years into business ownership and have a thriving business that's growing quicker than they ever imagined.
They share how they started their business wisely, what they've learned, and how they manage to keep their family time a priority while running a business.
They explain what they did that contributed to the success and growth of their business, Olive Coffee Cart!
Check them out here: https://www.olivecoffeecart.com/
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This bookkeeping episode is great for both new business owners just getting started and seasoned business owners looking to improve their bookkeeping skills.
We quickly discuss 5 tips for better bookkeeping, why bookkeeping is important, and what must be done so your books are correct and useable!
This is a quick listen for all business owners who want to know what must be done to ensure your books are accurate and reliable and what proper bookkeeping means for your tax return.
Hit SUBSCRIBE to make sure you don't miss our upcoming episodes this summer that dive even further into bookkeeping and how to be a bookkeeping pro!
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Does everyone need to hire a CPA to file their tax return? No!
But if you own a business, you certainly need to have a CPA help you file your business tax return!
In this episode we explain everything you need to know about hiring a CPA, budgeting for accounting expenses, and working with a CPA. We discuss how to get organized for tax time and save money on your tax-prep fees!
This episode is perfect for business owners looking to hire and work with a CPA for the first time. We give listeners insider tips to earn brownie points with your CPA!
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Did you owe more in taxes than you thought you would this year???
How long has it been since you updated your W-4 Form???
If it's been a while since you updated your withholding, or you owed a LOT and want to fix that...this episode is for you!
In this episode will explain how the W-4 form works and how to update it to cover your taxes so you aren't surprised next time you file!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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Did you get a big surprise when you went to file your tax return this year???
In this episode we explain the common things we see make the biggest difference in taxes due or your refund amount.
Did you get a raise? Did your job pay structure change? Did you pull money out of your retirement account?
Here are the big ticket items you should keep on your radar so you don't end up with a big tax surprise!
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We switched it up a little on this episode to bring you some advice and insight from one of our clients Dr. Amanda Thompson. She just finished her very first year of business ownership, and she's doing a wonderful job growing her business and staying on top of the paperwork and accounting required.
We talk about her struggles as she jumped into full-time entrepreneurship and what she has been really enjoying. We chat honestly about being a parent and a business owner, and what all that really entails.
If you are a new business owner, or thinking of jumping into entrepreneurship, this is a must listen!
MEET DR. AMANDA: https://www.instagram.com/rootedphysicaltherapy
ROOTED PHYSICAL THERAPY: https://www.rootedphysicaltherapyllc.com
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If you are saving for your child's college or plan to in the future, this episode is a GREAT one!
We explain the various types of college savings accounts, what we like about each one, and what we really don't like about each of them!
We also (of course) talk about the tax consequences/benefits of each and which ones we recommend!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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Help, I need somebody! Help!
Are you ready to hire someone to help you in your business?
In this episode we discuss what options you have when you are considering hiring help and the pros and cons of each. We also explain what you need to do when you are ready to pull the trigger! That includes what forms need to be filed, what your responsibilities are as a business owner, and what due dates you need to remember.
This episode is perfect for anyone making their first hire in a new business!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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Many new business owners struggle through the paperwork when starting a new business because it can be so confusing! You want to make sure to set up everything correctly in the beginning and educate yourself on all of the filings, responsibilities, and due dates for business owners too.
In this episode we explain the steps everyone needs to start a business in an easy and organized way! We also explain what processes you should put into place from the start, and what questions you need to ask your CPA to ensure you have checked all the boxes for your specific business.
Name, EIN, LLC, Sales Tax, Bookkeeping, all. the. things!
If you are starting a new business, this episode is for you!
CHECK OUT OUR NEW BUSINESS GUIDE HERE
http://www.whatyourcpawantsyoutoknow.com
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Are you filing an s-corp or partnership tax return? This podcast episode is a MUST listen!
We explain what the information on your business tax return means, when taxes are due for the business and business owner, and how taxes are paid for these businesses.
If you own one of these entities and do not understand how it works, do yourself a favor and listen to this podcast episode to educate yourself on this very important topic. Knowledge is POWER!
Spoiler Alert: You do not owe taxes when you file your 1120S or 1065 tax return!
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Did you know that the IRS considers influencers, freelancers, and content creators self-employed? What exactly does that mean and most importantly what does that mean for your taxes if you are now receiving 1099 income?
Here's what you need to know if you receive a 1099-NEC for freelancing or any kind of contract work and how it changes your tax situation! This episode explains how taxes work for 1099 NEC recipients and how to deduct expenses to help lower your total taxes.
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If you are starting a new business, this question always pops up. Will you file as an LLC?
What is an LLC and do you need one? What does that mean for your taxes and other filings?
In this episode we discuss all the LLC details you need to make the best decision for your business and give you the details you SHOULD know if you have an LLC!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
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Can I fully deduct my car purchase on my tax return? That's the number one question we get during tax season from business owners. The answer is MAYBE.
There is a lot to know about this complicated tax deduction if you are thinking of using it.
Learn everything you never wanted to know about the IRS' rules on bonus depreciation, Section 179, and fixed asset purchases. AND how to deduct vehicles and other major purchases on your tax return to save $$$
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A quick bonus episode to explain the correct way to pay yourself out of your business. This question has popped up many times this week so we wanted to get this episode out there for others with the same question.
What other questions do you have that you'd like to hear us answer? Follow us on Instagram and shoot us a DM with any questions you have!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
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Every business owner must choose a tax entity to let the IRS know how the income from the business will be TAXED. No its not a super sexy topic, but is is VERY important to know and understand tax entities if you own a business or if you are thinking of starting one!
In this episode we dive into the four tax entities and the difference between them. We explain how they are taxed and why we favor some over others!
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It is tax time again!
While you are gathering tax documents to file your 2022 tax return, here's what your CPA wants you to know about due dates, organizing documents, receipts, and more!
Also, do you even need a CPA to do your tax return? When is it beneficial? When is it okay to DIY?
What may trigger an audit? How do you file an extension if you need it?
This episode is packed full of what we want all our clients to know as we jump into tax season!
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Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
Purchase our new business guide!
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It's January, which means there are a lot of things for business owners to do and check off their list. One of those is filing 1099s by January 31st. In this quick bonus episode we discuss who needs a 1099, when you are required to file one, and how to file a 1099. A great episode if you aren't sure what needs to be file or one to refer back to later when you first hire some help in your business.
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
Purchase our new business guide!
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There are SO many things to do and check off your list when you start a business! You need to create a website, social media account, business cards, logo... So many things!
Don't forget about one VERY important part of your business, the accounting and paperwork component of your business. That part is so important and many business owners fail to prioritize that part of their business. In this episode we discuss the common mistakes we see new business owners make and how you can avoid them (or correct them)!
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
Purchase our new business guide!
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In this episode we discuss how business owners can pay their children from their business and reduce their taxes! It sounds too good to be true, but is it?
Of course nothing is ever that simple with the IRS and tax laws are complicated. So we break down all the details for you in this episode and explain how you can take advantage of this common tax strategy.
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
Purchase our new business guide!
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Welcome to What Your CPA Wants You to Know Podcast!
We share our story of how we started our business, why we started our business, and what we have learned being entreprenuers the past six years. We run our business with our family priorities in mind so we can keep our family time at the top of the list like it should be! In this episode we talk about how we went from hating our jobs and our life balance to creating a business that allows us to have a better balance.
We discuss our top business lessons we learned along the way!
CHECK OUT THE PURSUING HER PUROSE PODCAST COURSE, BUSINESS COURSE, AND COURSE COURSE HERE
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
Purchase our new business guide!
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Hello!
A podcast for business owners by a CPA and MBA who know all about running a business, because we've done it for the past 6 years! We share crucial tax advice, important tax laws for business owners, how to grow at a pace that doesn't create burnout, and SO. MUCH. MORE.
Want to know what it's like having a CPA in your back pocket? Follow along for practical advice for your business that will surely make you feel like YOU'VE GOT THIS!
Let's go!
Teran & Carson Sands
Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!
Our CPA firm website!
Purchase our new business guide!
Our Instagram Page
Our family page